→During the month of February, Sarasota Corp's employees earned wages of $88,000. Withholdings related to these wages were56,732 for FICA $16.330 for federal income tax, and $4,370 for state income tax. Costs incurred for unemployment taxes were$253 for federal and $368 for state.Prepare the February 28 journal entries for(a)(b)Salaries and wages expense and salaries and wages payable assuming that all February wages will be paid in March.The company's payroll tax expense.(Credit account titles are automatically indented when amount is entered. Do not indent manually)Account Titles and ExplanationSalaries and Wages ExpenseNo. Date(a) Feb 28Debit10000Credit

During the month of February, Sarasota Corp's employees earned wages of $88,000. Withholdings related to these wages were 56,732 for FICA 516.330 for federal income tax, and $4,370 for state income tax Costs incurred for unemployment taxes were $253 for federal and $368 for state. Prepare the February 28 journal entries for (A) Salaries and wages expense and salaries and wages payable assuming that all February wages will be paid in March. (b) The company's payroll tax expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually) No. Date: Account Titles and Explanation Feb 28 Debit Credit

During the month of February, Sarasota Corp's employees earned wages of $88,000. Withholdings related to these wages were 56,732 for FICA 516.330 for federal income tax, and $4,370 for state income tax Costs incurred for unemployment taxes were $253 for federal and $368 for state. Prepare the February 28 journal entries for (A) Salaries and wages expense and salaries and wages payable assuming that all February wages will be paid in March. (b) The company's payroll tax expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually) No. Date: Account Titles and Explanation Feb 28 Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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